HTSC(601688) 金融界·2025-04-18 13:48Core Viewpoint - The company, Yihe Jiaye, is a leading domestic manufacturer of non-invasive respiratory machines and ventilation masks, with significant growth in revenue and market share, particularly in the U.S. and European markets, following the end of the inventory clearance cycle in the U.S. respiratory machine market [1][5][7]. Company Overview - Established in 2001, the company has developed a comprehensive product line for respiratory health, including home non-invasive ventilators, masks, and monitoring devices, and has received multiple certifications such as NMPA, FDA, and CE [2]. - The company focuses on providing full-cycle treatment solutions for patients with OSA and COPD, covering diagnosis, treatment, and chronic disease management [2]. Research and Development - The company maintains a significant scale of R&D investment, holding 633 domestic patents and 202 international patents as of December 31, 2024, indicating a strong commitment to innovation [3]. Brand and Market Strategy - The company has unified its brand under "Ruimaite" to enhance user recognition and market penetration, planning to change its name and stock abbreviation to align with the new brand [4]. - The company aims to increase brand awareness through various channels, including exhibitions, academic exchanges, and social media marketing [4]. Market Conditions - The U.S. respiratory machine market has returned to normalcy after a period of inventory clearance, with the company’s products entering the market without significant impact from U.S.-China tariff policies [5][6]. - The company has achieved a high level of domestic supply chain security and cost advantages through the localization of core components [6]. Financial Performance - In Q4 2024, the company reported a 9.77% increase in revenue compared to Q3, driven by the recovery of the U.S. market [7]. - The overseas business generated 5.42 billion yuan, accounting for 64.21% of total revenue, while domestic revenue was 3.02 billion yuan, representing 35.79% [7]. Product Performance - The company’s home respiratory therapy business generated 5.27 billion yuan in revenue, while consumables contributed 2.84 billion yuan, with consumables showing a steady increase in proportion [7]. - Consumables saw a year-on-year growth of 46.22%, primarily driven by demand from the U.S. and European markets [8]. Market Share - According to data from Sullivan, the company held a 12.4% global market share for home non-invasive ventilators in 2023, ranking second, and a 30.6% share in the domestic market, ranking first among local brands [8].